8 Steps On How To Start A Business

Setting up a business is a big decision, and one that comes with a lot of risk. So it is my priority to ensure that you get the required steps right before you venture in. Here are 13 steps every potential business owner should follow.

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1. Get the business idea

You have to have an idea of the kind of business you want to do. Is it a product you want to be making or a service you want to render to people that needs it, you need to have an idea of what you want to do. It’s good to have more than one idea, and then you can finally narrow it down to one.

2. Set your target

You need to set a target for the business. Are you in it to achieve financial freedom? Or you want small business that will sustain you and give you steady income? It is good you set your target early enough before you start the business.
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3. Define your team

You have to decide how you want the business to be run. Are you going to run the business alone or you will get someone to assist you, this bring a lot of synergy to the table, because two heads are better than one, as people bounce ideas off each other.

4. Determine the legal structure of the business

Decide what type of business you would like it to be. A sole proprietorship, a partnership, etc. This is important for tax purposes and for attracting investors.

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5. Get a business name and register it

By now you should have name you want to use for the business, get a lawyer to assist you to register your business name, before someone else use the name. Your business name should be unique to you.

6. Finance your business

How are you going to finance the business? Will you take a loan from the bank co-operative or you will use your personal savings? And remember to have reserve cash for the funding of things until the business is really up and running.

7. Consider the competition

Consider the competition around. The people that are into the same business around, how much are they selling? What can you do to make your product better than theirs and with a better price?

8. Create a business plan

For your business to succeed you need to have a business plan, because it helps you in the running of the business. And it is what investors, bankers and other interested parties will use when deciding whether to invest in your business.

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